As to domestic factors, China's economic slowdown, which is actually moderate, is in line with the national 12th Five-Year Plan (2011-15), and is also a result of the macroeconomic adjustments implemented by the government. It's the policy efforts promoted by the government and their expected results that are worth attention. We have seen the optimization of the primary, secondary and tertiary industries, and some outdated production capacity has been rapidly upgraded. The current economic fundamentals are sending more and more positive signals. The profits of industrial enterprises became positive in September after being negative for five months; power output has grown from -1.73 percent to 2.75 percent; the year-on-year increase in exports has rebounded to 9.9 percent; the consumer price index has fallen to 1.9 percent; rural and urban employment in the first three quarters was 114 percent of the target for the year; and the purchasing managers' index has returned to above the economic boom line of 50 percent. All these statistics demonstrate that China's economy is rebounding and should improve in the fourth quarter and through the whole of next year.
A fair assessment of China's economy can only be made taking a historical and long-term perspective rather than judging it on temporary fluctuating figures. In the future, China will continue to accelerate its process of industrialization, urbanization, informatization and internationalization. Its development will not only benefit the eastern coastal areas, but also the underdeveloped middle and western areas as well, lifting millions of people out of poverty to well-being and common prosperity. China, already the world's biggest industrial base, will also become the biggest consumer market in the near future. Professor Justin Lin, former chief economist of the World Bank Group, said he believed that the moderate or high growth rate of China's economy could be sustained for 20 years.
Landmark building should respect the public's feeling
Feedback
RSS
